The Indianapolis Star from Indianapolis, Indiana • Page 27

SATURDAY. APRIL 21, 1984- THE INDIANAPOLIS STAR- PAGE 27 Off The Tape Finance "aa 4 1 I A BECHTEL BRIBES? The FBI and Justice Department are investigating charges that the Bechtel Corp. bribed South Kore Preston-Safeway sells 6 locations Is stores that changed hands are "geographically not overlapping where they (Lowell's) presently have stores." The sale comes during a prolonged grocery price war that began last summer when Cub Foods announced plans to open no frills supermarkets in Indianapolis. SINCE THE opening in August of the first of two Indianapolis Cub Foods stores, the local grocery business has gone through numerous store buyouts and closings. Profits of Preston Safeway and other supermarkets have fallen, as stores slashed prices to compete and offered double- and triple-couponing.

In a speech to a trade group in February, the marketing director of Preston Safeway, Michael DeFabis said his chain's business had dropped 25 percent in the previous seven months. HE PREDICTED then that con solidations among grocery competitors would occur and the price war would "ease a little bit" Lowell's consists of renamed Standard food stores that the owner. Indiana Grocery began to convert in 1983 after buying Standard from National Tea Co. in 1982. There are other Lowell's stores around Indiana and in Illinois.

Lowell's Discount Foods has bought six stores of a competitor, Preston Safeway, in the latest move in the price war-wracked Indianapolis food market Lowell's said the acquired stores will continue to operate as Preston-Safeway stores and employees will be asked to stay on. THE PURCHASE price wasnt announced. The buyout "will substantially strengthen the buying power" of Lowell's, said Lowell Peters, president and chief executive officer, in a statement Friday. The acquired stores are at 1107 North Arlington Avenue, 2424 East County Line Road South, 2902 East 46th Street 6843 Lake Plaza Drive, 8902 East 38th Street and 3902 Madison Avenue. The Madison Avenue store closed last week but will reopen April 30.

Lowell's president said. "Over the next few weeks, prices on many items in the six newly acquired stores will be lowered," Peters said. WITH THE acquisitions. Lowell's has 30 stores in the Indianapolis area and has met its marketing goal of matching the number of stores that Kroger and Marsh supermarkets have, said Dick Kreusser, a Lowell's spokesman. He said the six Preston-Safeway AFINB President Joseph Barnette Jr.

meets workers at Shelbyville branch Indianapolis banking firm buys failed Shelby National Bank in state's first inter-county deal Shelby bank purchase lets AFNB get across county line Construction begins on Carmel buildings However, two bids were received, Whitney said. AFNB's was the larger, he said. American Fletcher purchased Shelby National's installment loans, government bond portfolio and the physical assets of the bank, including buildings and furniture. American Fletcher also has a period in which it may purchase additional assets, Whitney said. Frank E.

McKinney chairman of the board of AFNB. said the bank purchased the assets of Shelby 'National because it saw "just a tremendous opportunity for AFNB." WHITNEY ADDED that the FDIC has control of the other assets and will seek to liquidate them. The liquidation could take several years, he said. The FDIC has advanced $27.8 million to AFNB to provide a "clean bank transaction" in which Shelby National's assets and liabilities are in balance. The advance comes from the FDIC's insurance fund, which is funded by banks, he said.

Whitney noted that none of the money comes from taxpayers. AFNB is among the Indiana banks that have sought legislation for more than a decade that would allow banks to have full service banches across county lines. The Indiana General Assembly has refused to permit such actions. By EDWARD WILLS Jr. By buying the assets of failed Shelby National Bank, American Fletcher National Bank has accomplished something that it has sought for years: branches outside Marion County.

AFNB, Indiana's largest bank, paid $4.5 million for the assets of the insolvent Shelbyville bank that was closed Thursday by the U.S. Comptroller of the Currency. AFNB also assumed responsibility for $60 million in deposits and other liabilities of the bank. American Fletcher reopened the institution Friday. Shelby National's customers automatically became customers of American Fletcher.

NONE OF the depositors lost money. The 119 year old bank was closed because of serious problems with loan losses and earnings, offi cials said. Alan J. Whitney, a spokesman for the Federal Deposit Insurance said Indiana banks large enough to absorb Shelby National and relatively close to Shelby County were notified Wednesday that failure was imminent The FDIC was appointed to oversee Shelby National. Another FDIC spokesman said that at least one Shelby County bank was invited to bid.

but he refused to say if any bids were received from within the county. Millions Construction of the first of five "luxury" office buildings is under way at 98th Street and Keystone Avenue in Carmel. The $11 million project, called Keystone Lake Office Park, will in elude 172,000 square feel of office space and take two years to complete. The developer is Nelson Building a primarily residential contractor that built West Lake Arms and Lake Castleton Arms apartments, the two biggest rental complexes in Indianapolis. The five two story buildings will be made of brick and marble.

The architect Howard Needles Tammen of unemployed mar Indiana Business an officials at a time when both Caspar Weinberger and George Shultz worked for the firm, two magazines said in a copyright story. Mother Jones Magazine and the Multinational Monitor said their reporters conducted a nine-month joint investigation of the matter. "What makes this case potentially explosive is the fact that Secretary of Defense Caspar Weinberger and Secre tary of State George Shultz were working as top executives for Bechtel at the time the alleged violations took place, and both were in positions to know about them, the magazines said. WARRANT ISSUED A fed eral judge has issued an arrest warrant for fugitive financier J. David Dominelli and disclosed that the FBI is looking into death threats made against lawyers and witnesses in his bankruptcy case.

U.S. District Judge J. Law rence Irving ordered Dominelli arrested when the former high flying money markets speculator failed to appear at a contempt hearing. Dominelli fled to the Caribbean Island of Montserrat this week. Irving said "serious death threats" have been made agpinst principals in the bank ruptcy case of the J.

David Co. investment empire. LAS VEGAS STRIKE Nego tiations between striking workers and casino hotel owners have broken down and the head of the state AFLCIO said labor dele gates would boycott the state Democratic convention unless its location is changed. "It is a mat ter of priorities." said Claude Evans, executive director of the state AFLCIO. "Which is more important.

17.000 kids on the street or 10 or 20 ridiculous votes for Mondale?" The strike by 17.000 workers was in its 19th day. The Nevada Democratic Convention is scheduled to con vene in two weeks at the Reno MGM Grand Hotel, sister hotel of the struck MGM Grand Hotel on the Las Vegas Strip. State party chairman Brent Adams has re fused to move the meeting site. HOUSING RIGHTS The Justice Department has charged six Chicago area real estate firms with housing discrimina tion for steering black home buy ers away from white neighbor hoods and whites away from minority communities. The civil suits, filed in federal court in Chicago, ask that the firms be prohibited under the Fair Hous ing Act of 1968 from further racial discrimination in real es tate sales and services.

SEABROOK TROUBLES New Hampshire's largest utility. so financially burdened by a failed nuclear plant that it bor rowed money to pay dividends. has been forced to suspend this quarters shareholder payments to avoid bankruptcy. The halt in dividends came one day after Public Service Co. of New Hamp shire stopped construction at the two unit Seabrook power plant.

now estimated to cost as much as $10 billion. All but 1.000 of the plant's 6.200 employees were laid off. CHAPTER II The Charter a teetering oil and insurance conglomerate, sought court protection from its creditors Friday under Chapter 11 of the Federal Bankruptcy Act The company, which lost much of its top management team in a 1982 helicopter crash in Ireland, and 44 subsidiaries filed petitions shortly after 3 p.m. EST. two hours before the court closed for the weekend.

The filing, containing thick folders on each of the 44 holdings seeking protection, listed total assets of $11 billion and liabilities of $304 million as of March 31. The conglomerate has more than 180 holdings or inter ests. Included in the filing are some of what had been Charter's centerpiece concerns, including oil refining, insurance and financial services. CROP ACREAGE Agricul ture Secretary John Block has said farmers have agreed to take more than a quarter million acres of highly erod.ble land out of production for five or 10 years under a new conservation program. The program, which Block named an "acreage conservation reserve when he announced it last December, is limited in scope compared to many millions of erosion prone acres that conservationists believe should be taken out of crop production.

However. Block said the special program wiQ help determine the effectiveness of combining short-term price support programs with long term conservation objectives. To be eligible to partici pate in the conservation reserve, farnwrs had to enroll in a 19M farm procram requinrg an acreage cut to keep i lid on etces ve production. Unctt-1 Pru toitarMtlaaal except when one bank is in trouble of failing. AFNB'S PURCHASE of Shelby National was accomplished by the FDIC, not Indiana's troubled institutions law.

However. McKinney noted that the FDIC was "following the intent of the troubled bank act." That law allows a bank to purchase another bank outside of its home county if the bank is in trouble of failing and no bank in the county makes a satisfactory bid. AFNB sought to purchase Hoo-sier Bank of Hammond earlier this year, but it was outbid by Gainer National Bank of Gary. Kip N. White, president of the Independent Bankers Association of Indiana, which opposes cross county banking, said he is "disappointed" that a bank in Shelby County did not buy Shelby National.

James Faris. of the Leauge for Economic Development, a bankers' organization which favors cross-county banking, said. "We obviously think it was a good move for Indiana." Ruth D. Harrison, head of Indiana's Department of Financial Institutions, said AFNB will be able to provide a service to the customers of Shelby County and "that's cer- tainly better than having a bank liquidated." The big. fundamental story is the other way around.

As the percentage of families with more than one wage earner has climbed steadily in recent years, we have been able to tolerate higher jobless levels. When the long since gone stereotypical family husband at work, wife at home, two children lost its breadwinner, the loss of that single job had a devastating impact BUT IN TODAY'S typical family of two paychecks, the loss of one job and one salary is not so dreadful. A major villain in today's unemployment is a changing industrial mix: we're shifting from a "smokestack" to a "smokeless" economy, from producing goods to providing services. Another villain is the loss of our competitive edge in this era's international markets. And a third villain must be poor planning at the White House level for more than a decade, mismanagement going back during the regimes of several presidents.

Livestock MM MNt VMT ar tot mi tit ta Cat" Moot ijaat. ciuH i i jrw Nrriwi a.in mmm mm tmmm Ciaf twtiirt tatraat aat aiatat atif actt. aH Ctl NOAM CXCT WOGl Pi fatal (onr. tl HI mm tm im-Ti c-n MDmn tl kfr. I INnt iff.

Mi kV ttv til i 11 nM 4m-mJ M) lm mm, i ttyrn m- ta-M hw mmcfmn at a irft m4 Mr wvt l' rr tumm ft. tOO wnnf artwai Il ua vmmr mm-mt If mm U. m. tmmrn mr IM mmm tm. ton iw H.m SHCEe-MwW ocTaiLcn woTtnoat ivsoai improving economic outlook Bergendoff, calls the project a "luxury" design that includes railings trimmed in mahogany and brass, marble floors and walls, bay windows and skylights in the lobbies.

The landscaped setting, with a man made lake, should fit into the residential neighborhood that surrounds the 16 acre office site on three sides, the architect said. The first building should open in early summer, and the others later this year and in 1985 Parking lots will hold 500 cars. The area now is field and woods. Nelson Building also constructed 33.000 square feet of office space at 96th ana Keystone. istration division, and Lisa LeVier was named vice president meeting services division.

AH three were named to the board of directors of the parent company. Leo Vassilo has been promoted to director of employeecorporate environment for ITT Educational Services Inc. Mallory Capacitator a division of Emhart Corp, has named Richard Bales as market analysis manager. Frances Williams has been named assistant vice president of the First American National Bank. Plainfield.

Connie MrCutchaa was named personnel officer. Susan L. Sturtz has been appointed secretarytreasurer of Simmons Associates Inc, architects and planners. Leonard F. Sheatt has been promoted to sales manager of Sheats Tool Supply Co.

and STS Saw Service. Send items to Indians Business. The Indianapolis Star. PO. Box J4S.

Indianapolis. Ind. 46206. to-. at cat aaan Caara Tinli 1 una trv WMi i a KM won I WT MH -t DM fllll crmtt KM cM ft-.

trO'rt mr 1 IM Mf I I fvn it wt immtmm rn HVU tH M- It BANK CLEARINGS N'U'WK mm ci mm Otlt mmrm tl 17V I i tn i a Lmrm1 lalnrtiaaj Za-computer store HltWt. ttllHiaalai ta't-OJJl McGunn SAFES a If fir occurrwd, what would A happen to your records? I Mlruilrl atrau trrafwat who own you rrooty? Q. Off WITH THIS AO (JIT) 7U-3M1 i Richard E. Welsh has been promoted to manager of benefits at Detroit Diesel Allison Division of General Motors Corp. He will have the same responsibilities for Allison Gas Turbine Division.

Dynavid Corp. has named Jerry F. Huffman, a partner of the company, as executive vice president general manager. He is also presi dent of Dunhill Trading Co. Overmyer Muncie, named Albert J.

Pontius as president to succeed Peter L. Roesner, who resigned, and Donald Cunningham as executive vice president Roesner will continue to serve on the board of directors and will stand for election at the next annual meeting Madonna M. Robertson was elected corporate vice president to succeed Pontius. J.D. Miller has been appointed regional manager for Pictorial Pub lishers Inc.

He comes from Reid. Quebe. Allison. Wilcox and Associates Inc. David Kern has been named executive vice president of The Trade Show Group division of Ernie Kerns Associates Inc.

Karen Te-jera becomes vice president admin CXa-rt" TtM I.MM.M It. (mr( -Tfraja a. MIWMW a-m mt a Cwncr O. I I CARLOT DRESSED MEAT On tfcut, Mxr uv Um4 l9T cmnmt mmrt rmt m4 mmrt mart nr KM Omm, trt mcl wr rura mrtmm mm iim mm mm 1fa tmnrnt ttm kK nuwn fnmmr, "iri kM lr mm CamaartMJ my-m Tk CO V(t I W1 a mmrm haw rmt mt at ST ta tll a tt ii. aiM rk tM a- cvr ifc.

mm 'Ml F-M art ml Irajaf l'll fart llll at tn at taart caacaraa rta tt'fl atS as anWi.n. fcatr. taalntaat aa vtomm tas isa ax wa 1 tr tot TH Ht'. HHHatUD tM IIIXMM Despite the fact that the econo my is now turein? ahead at an estimated pace of more than 7 percent and the fear about it has switched from recession to overheating, the overall unemployment rate hangs around 8 percent This translates into more than 4 million jobless men 20 years and older. Even worse, it means that of the unemployed, close to 2 million are married men with a spouse present The blunt fact Considering the speed of the economic expansion ioaay ana its now respectable duration, ioblessness amon? adult men experienced, skilled, white or black is not declining at the rate it should.

Whv? Can the influx of women into our work force be a factor? To try to answer. Q. If there were fewer women in our work force, would more me have jobs and would their overall unemployment rate be lower? A. To some extent this is almost surely true Q. But bow many more men would be employed? A.

It's impossible to venture even a vague guess. Q. Whit fobs would today's lob- lew men take nver? A. Few of the Jobs that women GOOD NEWS, RAD NEWS By IIEMIY MART1 1 "Mitt Pemberton, ee if ym ran mfe to nave rn init-quoted in Timec. I can rite in idirnattn and demand a pajblie apology they'll bear from my attorwej ll 1 fill 1 3ILVIA Porter fill in such great numbers.

Unfortunately, women still are concentrated in the so-called "pink collar" clerical jobs, for which men are not psychologically prepared in our society and which they wouldn't accept unless driven to the last of last resorts. The jobs men seek are at the higher, more "visible" levels and are still occupied primarily by men. And most significant the contribution women make to our nation's economic stability via the two paycheck family completely overwhelms whatever harm has been done to an employable man here or there. IN THIS particular controversy. I'm on the inside looking out as well as on the outside looking in.

On a Merv Gnffin show a while back, for instance, columnist William F. Buckley shrugged a snobbish shoulder in my direction while he blamed the entrance of women into the work force for our unemployment rate and clearly implied we should go back to our kitchens. II you saw the explosion, you know how 1 responded. If not IU repeat in one word: Poppycock! Markets closed New York tAPl Stock and bond markets and commodity futures exchanges in the United Slates and most other nations were closed Friday in observance of Good Friday. Dollar declines nw fart aar mmort mii ta Talaa.

aar taa atar tatu aaat tmrrmmcw a at! tafaaa at tM A HI VC AaT JJ. aaaa tta tatal an na ta Tanra. aw mmmmt Jiaamia mmm tram T74 mmm mtH Taaraaav as taar fc actrv. mmumr taa TA raa fratw izsa mmm Tw- Tat ati i ih i ati lmmrm4 a 9mc9 mrmmmmm rnrmm l'9 1 mt -wj imf i taa itunaai ra fm wvMy mrmmmQ mt nj mm ta iii) pint ta mir nu at frmmm It laaiv taarvat aa aaaa, National Debt WHnaa'aa Hara ara laa Traatar mvmi mm Hp'kf1 HI a4 tut IX ajawwaTt lm Oct I thrawatt Wat National debt (April 111 Sl.aTJII.OOe SM tatai atf aa Bajtlt aat mr artiaf m' if aa-at tar cm vaar ttv ttfaa anr krsav arK tar )-v ara.aai tar aaa ar-taf tajrai vaar Maj 0-'- tar fctx ai aaar niraua tH-ua-w OirXan tar tarn -v a raar Ml) mV tmn I immv mt Mi a aar aaacal 4 J-l il-iati-flhi HrJfffc UTi fli FY fii.